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Image header Agence Europe
Europe Daily Bulletin No. 9333
Contents Publication in full By article 21 / 35
GENERAL NEWS / (eu) eu/competition

Commission opens formal investigation procedure on sale of Bank Burgenland to Grazer Wechselseitige in Austria

Brussels, 21/12/2006 (Agence Europe) - The Commission has opened a formal investigation under EC Treaty state aid rules into the sale of Bank Burgenland. The Land of Burgenland decided to sell the bank in March 2006 to the Austrian insurance company, Grazer Wechselseitige Versicherung AG (GRAWE), for the sum of €100.3 million, although the tender procedure had also produced an offer of €155 million by an Ukrainian/Austrian Consortium. The Commission has to make sure that the tender was...

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